September 28, 2022

AbbVie shares gain on fourth quarter earnings as it reports better than expected Humira sales

An earlier version of this report referred to Humana in the title, not Humira. It has been corrected.

Shares of AbbVie Inc. ABBV,
gained 1.4% in premarket trading on Wednesday after the company beat profit expectations and generated more than expected sales of its top-selling rheumatoid arthritis drug, Humira. AbbVie posted earnings of $4.0 billion, or $2.26 per share, in the fourth quarter of 2021, compared with $36.0 million, or 1 cent per share, in the same quarter a year ago. Adjusted earnings per share were $3.31, versus a FactSet consensus of $3.28. The company reported revenue of $14.8 billion in the final quarter of 2021, up from $13.8 billion in the fourth quarter of last year. The FactSet consensus was $14.9 billion. Humira remains the company’s top-selling drug, generating $5.3 billion in revenue in the fourth quarter of 2021. This represents approximately one-third of AbbVie’s total revenue for the quarter. The FactSet consensus for Humira’s revenue was $5.4 billion. AbbVie said it now expects to have adjusted EPS of $14.00 to $14.20 in 2022. The company’s stock is up 32.4% over the past year, while than the wider S&P 500 SPX,
gained 20.4%.